Mercado Pago tests delivery
Mercado Pago is trying out a new service to facilitate food delivery in Argentina so restaurants can arrange dispatches and finalize sales through the wallet. The move brings Mercado Libre into competition with Rappi and PedidosYa.
“This is a pilot test of another sales channel for stores,” Mercado Pago told iupana, adding that “restaurants will be responsible for the deliveries
Under its proposal, restaurants will benefit by being able to automate the reception and approval of orders. And, in turn, the Argentine payments firm gains presence in stores while adding new services to its multipurpose application
Apple launches BNPL
The Big Tech firm has added a buy now pay later (BNPL) service to its portfolio and continues to expand its financial product offering. Apple Pay Later allows U.S. users to split payment for a purchase into four installments over six weeks without any fee. It’s unclear when or if they will offer the functionality in LatAm, where BNPL continues to grow.
(Want to know more about BNPL in LatAm? Get up to speed with its growth in Brazil, here).
Kavak fires 100 employees in Brazil
Online car seller and financier Kavak has laid off about 150 employees, scaling back operations in São Paulo and Rio de Janeiro less than a year after
expanding to Brazil from Mexico. Workers interviewed by the newspaper O Estado de São Paulo said the reduction is due to the company’s poor results. Kavak joins fintechs that are feeling the pressure of more complex economic conditions.
Ualá: Wilobank acquisition approved in Argentina, education platform launched in Mexico
Argentina’s central bank approved Ualá’s acquisition of digital lender Wilobank. The lender’s founder, Eduardo Eurnekián, will receive Ualá
shares as part of the deal. The fintech is still awaiting Mexican regulatory approval for its acquisition of ABC Capital, which was agreed in November 2021.
Also in Mexico, the Argentine unicorn launched its financial education platform, Aula Ualá (try saying that 10 times!). The virtual classroom makes courses, tutorials, and blogs available to the Mexican public in order to promote financial health.
Rappi and Banco Itaú launch credit card in Chile
Rappi and Itaú have launched RappiCard. The firms are offering a free card product with cashback in a bid to differentiate themselves in the market. In addition, the physical version of the card won’t feature numbers or personal data, after the firms obtained a special license from the Financial Market Commission.
Jeeves arrives in Brazil
Jeeves, a financial company focused on loans to startups and SMEs, began operations in Brazil with the aim of financing companies at a time when access to capital is getting more difficult.